TAXATION: Jumps & Junket

Political heads were roughly scratched last week in Washington and from the scratchings emerged a major agreement: Federal taxes must be jumped up. The 1932 deficit was pointing inevitably toward two billion dollars (last year's: $900,000,000). Into such a colossal hole the Treasury could no longer keep pouring bond issue after bond issue. More revenue was imperative to save the Government's good credit.

Before the 1930 elections, and up to three or four months ago, most regular Republicans in Congress loudly decried increased taxation, predicted a quick return to better times, publicly put...

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